Artemis Capital Fund
Fund Manager's Comment
Data as at 30 July 2010
From a low of 1% in 1998 and an average of about 2% for the forty years to 2005, the proportion of the UK market capitalisation that is accounted for by the basic resource sector has now risen to almost 13%. Obviously the rise in metal prices has exceeded even the most bullish commentators and this has been the driver of this seismic shift. Nevertheless, although metal prices rallied sharply in the past couple of weeks, there is evidence that the slowdown in Chinese activity is taking its toll on commodity prices. Unsurprisingly, even though valuations are still good, SmartGARP® has become less enamoured with these kinds of stocks and we have reduced our positions in the likes of Rio Tinto, Vedanta and ENRC. The proceeds have been reinvested in parts of the market where value is attractive and more importantly trading conditions are on an improving trend. Banks such as HSBC, RBS and Lloyds are one area we have increased our exposure to. The other has been value stocks such as BP, BT and Royal Dutch Shell.
Fund Manager
Philip Wolstencroft
Manager of the Artemis Capital Fund Fund since 1 July 2010
Awards
Capital PDFKey Facts
| IMA Sector | UK All Companies |
|---|---|
| Sedol Number | 0679552 |
| Fund Size (offer basis) | £381.1m |
| Historic yield | 1.20% |
| Unit offer price | 736.69p |
| Unit bid price | 696.90p |
| Valuation (UK business days) | 12:00 |
| Minimum lump sum investment | £1,000 |
|---|---|
| Minimum monthly investment | £50 |
| Launch | 23 December 1986 |
| Launch price | 50p |
| Preliminary charge | 5.00% |
| Annual Management Fee | 1.50% |
| Unit type | Accumulation |
| Accumulation date | 7 June |
| Total Expense Ratio | 1.64% |
Data as at 30 July 2010.
Performance
| Since Launch* | 5 Years | 3 Years | 1 Year | 6 Months | |
|---|---|---|---|---|---|
| Capital Fund (TR)† | 1367.2 | -0.4 | -27.6 | 18.9 | 7.8 |
| FTSE All-Share (TR)† | 687.2 | 22.7 | -7.4 | 19.4 | 4.0 |
| FTSE 100 (TR)† | 675.3 | 19.9 | -6.8 | 18.2 | 3.4 |
| Sector Average | 585.9 | 17.2 | -10.8 | 19.7 | 4.8 |
| Position in Sector | 4 | 222 | 265 | 140 | 56 |
| Funds in Sector | 44 | 236 | 281 | 303 | 308 |
| Quartile | 1 | 4 | 4 | 2 | 1 |
Please remember that past performance is not a guide to the future.
* Data from 23 December 1986. Source: Lipper Limited, bid to bid in sterling with net income reinvested to 30 July 2010. All figures show total returns. †Percentage Growth. Sector is IMA UK All Companies.
Percentage Growth
Artemis Capital Fund Fund 12 Months to 31 December 2009
| 2010 | 2009 | 2008 | 2007 | 2006 |
|---|---|---|---|---|
| 11.8 | -31.4 | -17.9 | 17.3 | 26.8 |
Source: Lipper Limited, bid to bid in sterling with net income reinvested. All figures show total returns.
Value of £1,000 invested at Launch to 30 July 2010.
Data from 23 December 1986. Source Lipper Limited, bid to bid in sterling with net income reinvested to 30 July 2010.
Asset Allocation*
*Without cash. Source: Internal
Top Ten Holdings*
| BP | 7.7% |
|---|---|
| Lloyds Banking Group | 4.8% |
| GKN | 4.7% |
| Royal Bank of Scotland | 4.6% |
| Tomkins | 4.5% |
| BT | 4.5% |
| IG Group | 3.9% |
| Standard Chartered | 3.9% |
| Anglo American | 3.7% |
| Cookson Group | 3.3% |
* Without cash.
Source: Internal.
Market Sector Split*
| Banks | 20.1% |
|---|---|
| Oil & Gas | 15.5% |
| Industrial Goods & Services | 13.9% |
| Basic Resources | 8.9% |
| Media | 7.7% |
| Financial Services | 7.2% |
| Automobiles & Parts | 5.2% |
| Telecommunications | 4.5% |
| Chemicals | 3.4% |
| Other | 13.6% |
* Without cash.
Sector classification: FTSE Acturaries
Source: Internal.
% Variance†*
| GKN | 4.6% |
|---|---|
| Tomkins | 4.3% |
| Royal Bank of Scotland | 4.0% |
| IG Group | 3.8% |
| BT | 3.8% |
| Cookson Group | 3.2% |
| Lloyds Banking Group | 3.1% |
| BP | 2.9% |
| ITV | 2.6% |
| Britvic | 2.6% |
† Positive variance between stock % held in the Fund versus FTSE All-Share. Without cash source: Internal.
Risk Warning
Issued by Artemis Fund Managers Ltd which is authorised and regulated by the Financial Services Authority (www.fsa.gov.uk), 25 The North Colonnade, Canary Wharf, London E14 5HS and is a member of the IMA. Artemis Fund Managers Ltd is a member of the Artemis Marketing Group. We only market our own unit trusts. The value of an investment, and any income from it, can fall as well as rise as result of market and currency fluctuations and you may not get back the amount originally invested.
All data is sourced internally unless otherwise stated.
The historic yield reflects distributions declared over the past twelve months as a percentage of the mid-market unit price, as at the date shown. It does not include any preliminary charge and investors may be subject to tax on their distributions.
